Admirals Plans to Sell its Australian Subsidiary

Forex and CFDs broker Admirals is planning to sell its Australian branch.

Admirals Group AS has several entities operating under the Admirals brand, and Admirals AU Pty Ltd, which the group plans to sell, is one of the wholly owned subsidiaries.

In addition to Australia, Admirals have obtained financial licenses in the United Kingdom, Cyprus, Bulgaria, Australia, South Africa, etc.

Admirals is said to have reached an agreement with an “non-related party” for the sale.

Admirals initiated the plan to optimize its geographic focus, expecting it to benefit the group’s net profit and help align its operations with its core strategy.

The group managed to reduce operating costs by 9% in the first half of the year. Although Admirals still reported a loss of €1.2 million, it was an improvement on the previous loss of €4.8 million during the last year, and net trading income increased to €22 million.